Cartelle Real Estate AG, Ireland

Client: Cartelle Real Estate AG
Location: One George’s Dock, Dublin 1
Size: Office investment 4,130 sq. m


Type Projects

Date 01/01/0001

Services used:
Investment
Acquisition
Valuation
Due diligence
Office agency

Background
Purchase of a prime office investment in the heart of the Dublin’s IFSC on behalf of a German pension fund.

GVA DOB identified the opportunity and negotiated the purchase of the investment producing a rent of €1,804,000 p.a. for a price in excess of €40,000,000.

We advised the client, Catella Real Estate AG, who were appointed asset managers on behalf of the Sarin Sustainable Fund – a German pension fund.


Services Provided
We provided advice on all aspects of the acquisition including negotiation, valuations and discounted cash flows, due diligence and liaison of 3rd party advisors. We read the lease and provided a summary report advising on all of the key commercial clauses including rent review, break option(s), repair clause, etc.

We inspected the property and we recommended other advisors to assist in relation to condition survey, sustainability
survey, M&E survey, measurement, etc.

We were team leader on behalf of the client who was Germany-based and we co-ordinated all of the advisers.

It was critical that the property would have a minimum energy rating of “B3” and we introduced GVA Bilfinger as advisers on energy efficiency and sustainability. They surveyed the building and identified areas where increased efficiency could be achieved and thus a B3 re-rating delivered.

The property was sold through a “best and final bids” process and we advised the client in relation to bid level, strategy and drafted all the terms of the offer letter.

We were successful in a very competitive sealed bids process and we then agreed the Heads of Terms, before liaising with the client’s solicitor to complete the sale within the agreed 20 day period.

Success
Acquisition of prime office investment on competitive terms in buoyant investment market.

Project lead: fburke@dob.ie